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January 2017 Corporate Update – Comstock Resources Inc.

Comstock Resources Inc. · Jan 9, 2017 · 24 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. January 2017 Corporate Update – Comstock Resources Inc. – slide 1
    NYSE:CRK January 2017
  2. January 2017 Corporate Update – Comstock Resources Inc. – slide 2
    Investment Considerations Comstocks high return Haynesville Shale assets provide opportunity for strong growth in 2017 Comstocks enhanced completion design has transformed the Haynesville shale into one of North Americas highest…
  3. January 2017 Corporate Update – Comstock Resources Inc. – slide 3
    Major Properties Other Proved Reserves 5 Bcfe Wells 332 E. Texas / N. Louisiana Proved Reserves 593 Bcfe San Juan Wells 924 South Texas Longwood Proved Reserves 106 Bcfe Waskom Drew Wells 322 Blocker Mansfield…
  4. January 2017 Corporate Update – Comstock Resources Inc. – slide 4
    East Texas / North Louisiana Region East Texas / North LA Reserves: 593 Bcfe Own interests in 924 producing wells in 28 fields Waskom 68,000 net acres Blocker Longwood Drew with Lower Mansfield Haynesville shale…
  5. January 2017 Corporate Update – Comstock Resources Inc. – slide 5
    Haynesville/Bossier Shale Cotton Valley Cotton Valley Bossier Shale Haynesville Haynesville/Bossier Shale Shale Net Acres 68,000 Resource Potential 6 + Tcf Drilled 10 (9.6 net) wells in 2015 Drilling 8 (6.5 net)…
  6. January 2017 Corporate Update – Comstock Resources Inc. – slide 6
    Haynesville Shale Program Applying newest drilling and completion technologies to an established world class asset Extended laterals Larger stimulation treatment Rates of return improve as well costs decline Extended lateral wells…
  7. January 2017 Corporate Update – Comstock Resources Inc. – slide 7
    Haynesville Shale Program Harrison 30-31 24 MMcf/d Harrison 30-19 24 MMcf/d Gamble 4-33 24 MMcf/d Holmes 29-32 28 MMcf/d DeSoto Holmes 29-20 24 MMcf/d Boggess 5 -8 21 MMcf/d Parish, Shahan 5-8 Ramsey 4-9 22 MMcf/d 23…
  8. January 2017 Corporate Update – Comstock Resources Inc. – slide 8
    Haynesville Shale JV Partnered with USG to Caddo Parish acquire and develop Haynesville shale acreage away from Comstocks core holdings Acquired 3,315 net JV Acreage acres to date (20 potential locations) DeSoto Parish Expect…
  9. January 2017 Corporate Update – Comstock Resources Inc. – slide 9
    Haynesville Extended Lateral Wells Haynesville shale 7,500 foot lateral wells 25 Type Curve Pyle 6-7 Shahan 5-8 Boggess 5-8 Horn 8-17 20 Harrison 30-19 Ramsey 7-18 Holmes 29-32 Gamble 4 - 33 Caraway 20-29 15 Jordan 16 - 21…
  10. January 2017 Corporate Update – Comstock Resources Inc. – slide 10
    Haynesville Well Economics Original Completion Design - 4,500' L 7,500' L 10,000' L Estimated Well Costs ( millions) 6.3 8.1 10.3 24 Hr. IP (Mmcf per day) 15 20 24 Decline B Factor 0.99 0.99 0.99 Initial Decline (%) 73 67 64…
  11. January 2017 Corporate Update – Comstock Resources Inc. – slide 11
    Haynesville Well Economics Rate of Return vs. Natural Gas Prices 140 130 120 110 100 90 4,500 ft. (old) 80 7,500 ft. (old) % ROR 70 10,000 ft. (old) 60 4,500 ft. (new) 50 7,500 ft. (new) 40 10,000 ft. (new) 30…
  12. January 2017 Corporate Update – Comstock Resources Inc. – slide 12
    Haynesville Well Economics NPV 10 vs. Natural Gas Prices 30 28 26 24 22 20 NPV 10 (in millions) 18 4,500 ft. (old) 16 7,500 ft. (old) 14 10,000 ft. (old) 12 10 4,500 ft. (new) 8 7,500 ft. (new) 6 10,000 ft. (new)…
  13. January 2017 Corporate Update – Comstock Resources Inc. – slide 13
    Competitive Haynesville Gas Differentials 44 37 15 34 32 12 11 11 29 25 23 21 2016 2017 2018 2019 Regional Transport & Basis vs Henry Hub Wellhead Gathering & Treating 14
  14. January 2017 Corporate Update – Comstock Resources Inc. – slide 14
    Haynesville Staggered Lateral Potential UPSIDE 640-acre Section More Reserves 8 Wells/Section Recovered 600 Spacing More Efficient Reservoir Drainage, Less Waste Potential to add 83 Additional 4 Upper 200 extended lateral…
  15. January 2017 Corporate Update – Comstock Resources Inc. – slide 15
    South Texas Eagle Ford Shale Program 26,000 gross acres (19,000 net) prospective for oil in the Eagle Ford shale 83 future drilling locations in oil window Atascosa Frio LaSalle McMullen 16
  16. January 2017 Corporate Update – Comstock Resources Inc. – slide 16
    Eagle Ford Stacked / Staggered Lateral Development 253 Potential Additional In-Fill Locations 130 Eagle Ford Shale 17
  17. January 2017 Corporate Update – Comstock Resources Inc. – slide 17
    Proved Oil and Gas Reserves Despite a very limited drilling program, Comstock achieved an all-in finding cost of 20 per Mcf in the first half of 2016 with total proved reserves additions of 151 Bcf and capital expenditures of 30.3…
  18. January 2017 Corporate Update – Comstock Resources Inc. – slide 18
    2016 / 2017 Drilling Program ( in millions) 2016 2017 Gross WI Net Gross WI Net Budget Wells Wells Budget Wells Wells East Tex./North La.: Haynesville Shale 56.6 13 7.0 160.5 24 18.9 Other 1.2 2.0 57.8 162.5 South Texas:…
  19. January 2017 Corporate Update – Comstock Resources Inc. – slide 19
    Natural Gas Production (MMcf / day) 2017 natural gas production is estimated to average between 200 to 230 MMcf per day 174 16 162 156 153 11 152 6 148 149 3 15 146 3 11 10 6 10 4 15 133 12 3 2 25 5 5 17 5 4 5 4 4 13 122…
  20. January 2017 Corporate Update – Comstock Resources Inc. – slide 20
    Natural Gas Hedges Building natural gas hedge positions to support 2017 Haynesville drilling program Volume NYMEX price (Mmbtu / day) (Per Mcf) (a) 2017 - Q1 Q4 65,000 3.37 (a) The index price for the natural gas contracts is…
  21. January 2017 Corporate Update – Comstock Resources Inc. – slide 21
    Oil Production (MBbls / day) 2017 oil production is estimated to average between 2,200 to 2,800 barrels per day 12.2 12.2 12.4 0.2 0.6 0.2 0.4 11.5 0.2 0.5 10.4 1.1 0.1 10.2 0.2 0.5 1.9 7.6 0.4 0.3 6.9 6.9 0.3 0.4 6.0…
  22. January 2017 Corporate Update – Comstock Resources Inc. – slide 22
    Low Cost Structure 2016 Nine Months Producing Costs Per Mcfe 2.14 Comstock total producing costs 0.62 are 35% lower than the average 1.39 G&A E&P producing 0.25 Lifting costs Producing costs 1.52 per Mcfe expected to…
  23. January 2017 Corporate Update – Comstock Resources Inc. – slide 23
    Balance Sheet Pro Forma ( in millions) Sept. 30, 2016 Sept. 30, 2016* Cash and cash equivalents 27 54 Revolving Credit Facility - - 10% Senior Secured Notes 697 697 2nd Lien Convertible Notes ( All Interest PIK) 442 442 Unsecured…
  24. January 2017 Corporate Update – Comstock Resources Inc. – slide 24
    Potential Conversion of 2nd Lien Notes ( in millions) 2017 Enterprise EBITDAX Leverage Stock Price EBITDAX* Debt Equity Value Multiple Ratio 9.00 185 - 233 1,165 130 1,295 7.0 - 5.6 6.3 - 5.0 10.00 185 - 233 1,165 144 1,309 7.1…

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